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G7 Deal and Chinese Fuel Ban Impact on Oil Prices
Global oil prices experienced sharp fluctuations over the week, with Brent crude falling to $102.25 per barrel and West Texas Intermediate (WTI) dropping to $91.11, following the G7 agreement on a coordinated release of 100 million barrels from energy reserves to boost supply and reduce the risk of refined product shortages. Meanwhile, China suspended oil product exports in October, threatening to tighten fuel supplies across Asia, with gasoline refining margins rising to over $50 above Brent. Geopolitical risks remain a key concern, including tensions between the United States and Iran and the strategic reserves in the Strait of Hormuz, which could lead to higher prices—especially if there are disruptions in shipping or production.
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